Maruti wave analysis

Maruti is still consolidating and the pattern is evolving.

In my last post Maruti wave analysis .I had posted about 

the level of 8900 which has still not come .

The stock has still potential for 8900 which is 61.8% retrace of the 5 up impulse .Also the lower trendline of wedge.If the expected fall eludes we have a option of buying above 9230.

the level above break of wedge .Lets see how the stock moves further.The pattern is in advanced stage make or break soon. 

Federal bank wave analysis

I had posted about fedbank in old post.

Federal bank wave analysis ,Lets see present 

scenario.

The stock trading in X wave ,Got a good dump today ,Its most probably due to more business in kerala and due to kerala floods the business would get affected .Markets mostly reacts to such events .On chart it looks if 75 is held the stock can rise back to 90 levels and further towards 95,98.Lets see how the stock reacts in coming days.

Metal index wave analysis

The metal index is continuing its upward journey 

in my last post Metal index elliottwave analysis 

The price has still got distance to travel.

 

The index can target 3600 in any case.The index can fall after 3600

if its x wave.We can confirm it later as of now the index has potential to target 3600.Individual metal stocks like hindalco jindal steel have chart structure quite similar to metal index .overall it looks still steam left in metals to go further up.

Midcap index wave analysis

Midcap index has not performed well this year.

Nifty has crossed all time high multiple times 

but midcap index has not even touched previou

highs yet.

Midcap index has grossly underperformed nifty 

for now.Lets see the wave pattern of midcap index .

Midcap index had made a high of 21840 and made a low of 17700 .A 19% correction from top.Friday it closed at 19443 so it has recovered back. Wavewise this has done abc with clear internal waves.

Its near to 200dma ie 19528 ,Which should act as resistance a close above this can further propel index towards 20350. Index is trading above slanting channel trendline a retest of this trendline can give confidence to this rally spreading further,Lets see how midcap index moves in coming weeks .Keep laggard midcaps on radar if the resistance is crossed they can run up.